Legal Definition and Related Resources of Chattel Mortgage

A. contract between parties , whereby the mortgagor transfers the property in chattels to the mortgagee , subject to his, the mortgagor’s right to retain possession and to redeem the chattels. conveyance of, some present legal or equitable right in personal property as security for the payment of money or for the performance of some other act. A contract between the parties importing transfer of property in the chattels from the mortgagor to the mortgagee, as security for a debt, defeasible on the payment of the debt. See Land O’Lakes Dairy Co. v Wadena county , 39 N. W.2d 164, 229 Minn. 263; Gibson v warden , 81 U.S. 244, 14 Wall. 244, 20 L.Ed, 797.

At common law, a sale of a chattel on a condition subsequent, upon performance of which the title revests in the mortgagor, and upon breach of Xyhich the mortgagee’s title becomes absolute. It differs from a pledge, in that the title to the property, rather than the possession thereof, constitutes the security. 87 N. Y. 209; 37 Mich. 484. It differs from a vendor’s lien in that a lienor has no title to the property. 23 Ohio St. 114; 40 Me. 412. It differs from a sale wherein the title is retained by the seller until the performance of some condition, in that no title passes from the debtor to the creditor, but the creditor simply retains a title which the debtor never had. 88 111. 447; 16 Ind. 380. It differs from a sale with a right of repurchase in that the latter transaction is not a security for an obligation. It differs from an assignment for the benefit of creditors, which is not a security, but implies an absolute appropriation of the property to the payment of the indebtedness. Hammon, Chat. Mortg. §§ 1-7.

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Chattel Mortgage in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Chattel Mortgage in Historical Law in the Encyclopedia of Law.

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This definition of Chattel Mortgage is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

Vocabularies (Semantic Web Information)

Concept of Chattel Mortgage in the context of Real Property

A short definition of Chattel Mortgage: A lien on personal property. Also called a security interest or financing statement.

Concept of Chattel Mortgage in the context of Real Property

A short definition of Chattel Mortgage: A lien on personal property. Also called a security interest or financing statement.